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Prime Minister of India takes a stand for wider economic contacts with the EAEU countries

During the meeting with the Chairman of Eurasian Economic Commission (EEC) Tigran Sargsyan at Saint-Petersburg International Economic Forum  Prime Minister of India Narendra Modi expressed himself in favour of wider economic contacts with the countries of Eurasian Economic Union. This was reported by press office of the EEC.

Tigran Sargsyan stressed that leaders of all five countries had supported stronger trade relations with India and development of different forms of economic cooperation. The Agreement on free trade area between India and EAEU would become the most important step. “For several years India shows sustainable technological and industrial potential growth, persistently high rate of economic development – pointed out Tigran Sargsyan. – The EAEU countries are also seeking for reserves for economies’ growth. Partnership with India can become an important advantage for our union”. It is estimated that in case of the Agreement on free trade area with India trade volume of the EAEU countries might rise up to 20% in a short-term period. Export growth  of a wide range of goods to India from the EAEU countries is expected: from agricultural to complicated engineering products, petrochemical products, transport and some other. Prime Minister of India underlined that today trade and economy play the key role in international relations. Therefore stronger economic ties with such traditional partners of India as the EAEU countries would facilitate not only to trade growth but also to stronger relations and stability in the region. Narendra Modi confirmed that India is ready to provide for any necessary support with the Agreement on free trade area. According to the Indian Party now there is an opportunity to form a map road and elicit the growth drivers for cooperation in economic area. The united working group of experts will gain all necessary powers for further negotiations. From the side of the Commission the work will be coordinated by the Member of the Board, Minister of Trade Veronika Nikishina, from Indian side – by the Minister of State for the Ministry of Commerce and Industry Nirmala Sitharaman.

This post is also available in Russian: Премьер-министр Индии высказался за углубление экономических контактов со странами ЕАЭС